The Eureka sentinel. [volume], September 13, 1919, Image 1

About The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current

Image provided by: University of Nevada Las Vegas University Libraries

                
THE EUREKA SENTINEL
. " '■■■ ' i ^
ESTABLISHED. 1870 EUREKA. NEVADA. SEPTEMBER 13,1919 PUBLISHED SATURDAYS
Prom the Oakland, California, Tribune
Eureka, Nevada, September 8.—
Tbe calamity which approached the
gold production industry of the
United States two years ago has
not receded and will not cease to
menace the very life of the industry
unless intelligent, constructive ac
tion is immediately taken by the
government; domestic production
of gold in the United States next
year will fall far short of the de
mands of the arts, and this will
cause gold coin to be absorbed in
the arts to a serious extent unless
preventive legislation is enacted;
upon a speedy and proper solution
of the problems of the gold pro
ducers depends the permanent set
tlement of the labor question, the
high cost of living, the curing of in
flation. financial and industrial
growth and, indeed, the national in
tegrity.
These are some of the points made
in a statement here to-day by Eu
gene Davis, owner of the Eureka
Croesus and controlling interests in
other large groups of*mining prop
erties in this district. Davis sug
gests the immediate organization of
the gold mining interests and dis
cussion by the men engaged in the
industry of possible remedies for the
present situation. Among other
proposals which he believes should
be discussed is that of an excise tax
on all jewelry, on the pennyweight
basis, for all jewelry sold and for
all gold sold to the dental trade.
This tax, it is suggested, would cre
ate a fund from which could be paid
a bounty to the producers of new
gold sufficient to stimulate produc
tion to the extent of making certain
an annual quantity adequate to sup
ply the trade demand and to protect
the money metal.
SEES DANGER AHEAD
Davis took a conspicuous part in
the efforts made last year to obtain
relief for the gold producers. He
has studied the situation thoroughly,
in consultation with other recognized
authorities, and his analysis of the
present condition is certain to at
tract wide attention. His interests
here are mainly in silver and lead
mining, but he considers the solution
of the gold problem vital to the gen
eral prosperity and industrial safety
of the nation. His statement fol
lows:
'Dependable data has been col
lected to show that the consumption
of gold by the arts this year will
about equal the domestic production,
and that next year’s production will
fall far short of meeting the de
mands of the arts. It is apparent,
therefore, that the arts will be driv
en to the necessity of drawing upon
the monetary stock of gold to pro
vide for their requirements if some
adequate means of obviating the
necessity is not speedily found.
MINERS DRIVEN TO WALL
“The greatly increased cost of pro
ducing gold has curtailed production
to an alarming extent, while the
causes that have brought about this
increase of cost have greatly in
creased the requirements for a much
larger than the pre-war normal an
nual production. The economic pres
sure which has resulted in so great
an increase in wages and a corre
sponding decrease in efficiency, a
much higher cost of materials, ma
chinery, supplies, freight and smelt
er charges, has driven the gold min
ers to the wall. Many of them have
been pushed over the wall and are
down and out, while others are keep
ing their mines open by operating at
a loss, suspending all development
work and exhausting their ore re
serves.
“When the reserves are exhausted
the annual production must of neces
sity consist almost entirely of the
gold that is recovered as a by-prod
uct by those mining other metals,
such as silver and copper. Very lit
tle, if any, prospecting for gold is
now being done, for the reason that
its purchasing power, as the measure
and standard of values, has been re
duced one-half and capital refuses
to be employed in the development
of gold properties. The reasons for
this condition of affairs emphasize
the necessity for a greater supply of
the metal.
“The government, having gone
mad in its debauchery of squander
ing money and paying its bills with
certificates of indebtedness, which
it promises eventually to redeem in
gold, has while protecting practic
ally every other essential industry,
turned a(denf ear to the gold pro
ducer, to whom it must look in the
end to meet, first the interest, and
finally the principal of its thirty
billions of war obligations.
A premium cannot be placed
upon gold without seriously and per
haps vitally affecting the financial
and commercial structures of the
world. Hundreds of billions of rail
road, industrial, state, county, mu
nicipal and national bonds and other
evidences of debt, payable, both
principal and interest, in gold of
the weight and standard of value ex
isting when the obligations were is
sued, are held throughout the world
and cannot be paid if the debtors are
compelled to obtain the gold at a
considerable premium. And if the
gold industry is permitted to be
practically extinguished through a
short sighted and stupid policy of
inaction on the part of the govern
ment, financial chaos is inevitable
sooner or later.
GENERAL BANKRUPTCY
Time will come when every aeDt
or will be called upon to pay in gold,
and being unable to obtain it gener
al bankruptcy will result.
“The value of the dollar, as meas
ured in gold, cannot be lessened
without bringing upon us disasters
such as would follow the inability of
the debtors, be they individuals, cor
porations, municipalities, states or
nations, to obtain gold with which to
meet their obligations.
“For the few reasons I have given
—and there are many more—it should
be apparent to any one who will give
them only cursory examination that
no domestic question now demand
ing a sane and safe solution is com
parable in importance to the main
tenance, and, if possible, the increase,
of the annual pre-war production of
K°ld' ONLY ONE REMEDY
"For upon its solution ana me en
actment of suitable laws to foster
and stimulate the gold industry must
depend the permanent settlement of
the labor question, the high cost of
living, the remedy of present and
prevention of future inflation, our
industrial, commercial and financial
growth, the maintenance of our na
tional integrity, the security of our
form of government and the attain
ment of our national aspirations.
“The problem is being studied by
some serious men who have no polit
ical purposes to serve nor ambitions
to gratify. They need and must have
the co-operation and support of the,
gold producers if the problem is to
be solved and the enactment of neces
sary constructive legislation which
will put the industry on a basis in
keeping with its importance and in
equitable relation with the govern
ment is to be obtained before a con
siderable percentage of the mines
and the gold in them are totally lost.
ORGANIZATION NEEDED
“These men are working through
and with the American Mining con
gress, whose able and untiring secre
tary, J. F. Csllbreath, has long en
deavored to arouse the country to
the dangers certain to result if the
gold production problem is not quick
ly solved. In his work he has been
fortunate in obtaining the assistance
of H. L. Laurie, formerly at the head
of the geological and mining depart
ment of the Oregon state govern
ment, whose knowledge of the gold
situation is profound and whose abil
ity and conservatism are widely rec
ognized.
“The gold producers should im
mediately form an organization and
place at its head only men whose in
terest in gold mining will insure
their utmost endeavors in obtaining
a speedy and satisfactory answer to
the grave questions, and the enact
ment of suitable legislation to make
those answers realizable in effective
operation. It is my opinion that
close co-operation with the Ameri
can Mining congress is necessary if
success is soon to be achieved.
“The advisability of having an ex
cise tax imposed on all jewelry, on
the pennyweight basis, for all jew
elry sold and all gold sold to the den
tistry trade, is now being seriously
considered. This would create a
fund from which could be paid a
bounty to the producers of new gold,
sufficient to stimulate production to
the extent of making certain an an
nual volume of new gold adequate
to supply the trade requirements
and protect the mopey metal.”
Lovelock Rancher Invent* Hay Loader
Hi Stocker, pioneer of Lovelock,
has invented a hay loader which he
has operated very successfully all
season on his farm, and is now us
ing it in putting up his second crop
of alfalfa. It picks up the hay bet
ter than by hand and loads a wagon
in four minutes. It is operated by a
boy and does the work of 12 men.
The Deere Manufacturing Company
has sent a representative there to
negotiate for the purchase of the
patent from Mr. Stocker.
BILLS PASSED
-BT THR
COUNTY COMMISSIONERS
-AT THRU
MEETING SEPTEMBER B, 1910
Ordrrkd, That the following ium< of
money he allowed the following named per
sons, respectively, to-wit:
BILLS ALLOWED SEFTEMBEB 5. 1919.
W. E. Taylor, salary .$ 30 00
T. A. Burdick, salary. 90 00
Dan Downey, salary. 75 00
F E. Leonard, salary. 20 00
F. A. Fulkerson, mileage. 41 60
Kureka Sentinel, adv. and printing- 46 00
A. Carlisle A Co., supplies. 124 29
James Mackey, auto hire. 20 00
John Zunino, wood. 165 00
Kureka Water Works, water. 100 00
Hooper Garage, work. 3 00
Heowawe Mercantile Co., lumber. 24 42
F. Romano, piling wood. 24 75
J. McBride, road work. 12 00
G. A. Fletcher, bridge. 27 50
M. Mahoney, salary, etc. 84 30
K. 8. Cobb, salary. 75 00
N. A. Whitmore, salary. 10 00
W. J. Shultee, salary. 85 00
,1. J. Lueey, salary. 60 00
Kelley A Kebaleati, dry cells. 7 55
P. Schaefer, posts... 16 00
C. W. Ruden, auto hire. 12 00
F. C. Boston, sawing wood. 24 75
A. Moore, messages. 11 07
George Rommel, work. 8 00
Laura Hoegh, stamps.. 5 00
Mrs. A. Laird, hospital matron. 62 00
James Rogantini, bridge. 27 00
E. C. Johnson, mileage. 10 00
INDISBim.
Orderic. That the following mm* of money
be allowed the ollowing named indigent per
•on*. to-wit: - .a no
Dm Dean..... 16 00
Mr*. William Quick.. 16 00
Jame* White. 16 00
Miato Marcbiochi. 12 00
AlLe-er. 16 00
E. Keuhn . 16 00
Juan Moleno. 1* 00
y» Ben. 10 00
M. (Jeronimo. 16 00
Zunino Bro*... 83 00
Bather A Flavin, (for Peggy). 15 00
I hereby certify that the above ia a correct
codv of the record.
copy o« R MoChaRLR*. Clerk.
The First National Bank
WINNEMUOOA, NEVADA
Capital and Surplus, #300,000.00
Resources, #3,000,000.00 — -Q.
OFFIOEEB AND DIEEOTOES fi
GEO. WINGFIELD, President J. SHEEHAN j
J. SHEEHAN, Vice-President W. H. DOYLE
W. H. DOYLE, Vice-President W. H. MOFFAT
C. L. TOBIN, Cashier WILLIAM STOCK'
A. D. DERN, Aset. Cashier J. G. TAYLOR
J. G. MOORE, Aset Cashier G. E. STALL
The resonroes of the Federal Reserve Banking System, at this time ex
oeed the aggregate resonroes of the National Banks of issue of England,
the Dominion of Canada, France, Italy, the Netherlands, Norway and
Sweden, Denmark, Japan and Germany.
This hank is a member of the Federal Reserve System and operates under
the supervision of the United States Government, whioh assures safety
and the conservative handling of all business transactions.
We pay four per cent on all time deposits and interest will be com
pounded semi-annually in onr Savings Department, recently established,
We draw drafts on all principal cities of the world and axe agents for
most of the reliable Fire Insurance Companies.
The Oldest National Bank in Nevada
THE FIRST NATIONAL BANK
Ellls.o, Nevada
Capital, Surplus and Undivided Profits, $176,000.
Member of a United States Federal Reserve Bank and under Government
inspection, which to-day means a Strong and Safe bank.
We solicit your banking business
J. A. Sewell, President O. F. Williams, Vice President
A. E. Kimball, Vice President E. E. Ekkok, Cashier
A good bank
from which it may be withdrawn at any moment, is
the best place lor money
whioh yon may want at any moment.
Our depositors know that they can get their money
on demand, and that it is safer here than it would be in
their own custody.
Become a depositor with the
Henderson Banking Company
ELKO, NEVADA
John Henderson, President L. O. Henderson, Vice President
Hayden Henderson, Geshier Lambert Henderson, Asst. Csshitr
WASHOE COUNT! BANK
D PMO THE OLD PI° NEER KTIP’U' A Tl A
rUjIl U BANKING HOUSE ilfl V iLUii
DIRECTORS DEPARTMENTS
P. E. HUMPHREY...President Commercial ’Savings
P. M. ROWLAND ..Vioe-Pres. Trust Loan
J. R.VAN NAGELL.Vioe-Pres. Investment Insurance
G. H. TAYLOR.Oashiei Exchange Bonding
F. ST ADTMULLER. Asst. Cash. Foreign Brokerage
O. W. MAPES.Asst. Cash. Escrow Transfer
RUDOLPH HEBZ Collection Safe Deposit
We Welcome Your Business We Offer You Every Facility
Large i—* Small Known to Modern Banking
CALL OR WRITE